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Ireland will recover full cost of permanent tsb rescue- finance minister

Reuters - UK Focus

DUBLIN, April 27 (Reuters) - Ireland (Other OTC: IRLD - news) will recover the full 2.7 billion euros ($2.94 billion) invested in permanent tsb (PTSB), finance minister Michael Noonan said on Monday after the state cut its stake in the bank to 75 percent following a public share sale.

PTSB management have consistently said a full recovery of state funds is unlikely, stated as recently as March by its chief executive. The mortgage lender priced it flotation at top of a 3.90 to 4.50 euros per share range.

"The bottom line is that everything that the taxpayers have invested in PTSB will be recovered in due course," Noonan told national broadcaster RTE. ($1 = 0.9178 euros) (Reporting by Padraic Halpin. Editing by Jane Merriman)